Income Tax - Real Estate

Overview:

This course identifies and reviews significant income taxation issues arising from various aspects of real estate activities and includes practical, business-focused suggestions for dealing with such issues.

After reviewing the structures available to undertake real estate transactions, this course provides a detailed examination of income tax issues arising from the acquisition, development, holding, and disposition of Canadian real estate. Some coverage of provincial tax issues involving real estate will be included. While a brief overview of GST, HST and provincial tax issues is undertaken, participants should be aware that due to its emphasis on income taxes, this course does not provide a detailed or complete discussion of the impact of indirect taxes on real estate.

Course Content:

In this course, you will gain knowledge about the following topics: 

• Various structures for the ownership and acquisition of real estate
• The tax treatment of the costs of acquiring, holding and developing real estate
• Issues surrounding the disposition of real estate
• Corporate reorganizations involving real estate
• Provincial tax issues involving real estate 

Learning Objectives:

Upon completing this course, you should be able to: 

• Determine the distinction between real property held on account of income or capital
• Identify repair costs vs. capital expenditures
• Apply the rules for interest deductibility
• Determine when the sale of a house qualifies for the principal residence exemption
• Appreciate the differences between ownership by an individual, a corporation, a partnership and a joint venture
• Describe the replacement property rules and the change in use rules

Who Will Benefit: 

Although applicable to most tax professionals, this course is designed especially for practitioners and members in industry who work with income taxation issues arising from real estate transactions. Individuals seeking in-depth coverage of real estate GST/HST topics should consider attending the GST/HST – Real Property course.